Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, priced its initial public offering at $28 per share, valuing the company at about $3.3 billion.
The exchange sold 15.2 million shares and raised approximately $425 million. The offering was roughly 20 times oversubscribed, underscoring strong demand from institutional and retail investors. Shares begin trading on the Nasdaq Global Select Market under the ticker GEMI.
In a show of institutional support, Nasdaq agreed to buy $50 million of Gemini Class A stock in a private placement at the IPO price. Lead underwriters on the deal included Goldman Sachs, Citigroup, Morgan Stanley and Cantor. Gemini had recently lifted its proposed price range to $24–$26 before ultimately pricing at $28.
How this matters: the successful IPO joins a short list of crypto-native firms going public — following peers such as Bullish — and highlights growing mainstream appetite for regulated crypto platforms. For Gemini, the capital and public listing could bolster product expansion, compliance resources and institutional services.
That said, public listings carry short-term volatility and ongoing regulatory risk. The crypto sector remains sensitive to policy shifts and market sentiment; the IPO’s aftermarket performance may swing widely. This article is informational and not investment advice.
Source: Reuters. Read the original coverage for full details.
